SVA - Sernova Announces Management Developments
(TheNewswire)
LONDON, Ontario; BOSTON, Massachusetts – TheNewswire - March 11, 2024 –Sernova Corp. (TSX:SVA) (OTC:SEOVF) (FSE/XETRA:PSH), a clinical-stagecompany focused on providing regenerative medicine therapeutics topatients with chronic conditions, today announced that Nicholas J. Rossettos, CPA has joined Sernova on a consultingbasis as interim Chief Financial Officer (CFO).
With a wealth of experience in financial leadershipwithin the biotech industry, Nick brings a fresh perspective and astrong track record of success to the Sernova team during thistransition period. The company has initiated a formal search for apermanent CFO and is also actively recruiting additional talent tofill key leadership roles and strengthen its senior executive team,which started with the additions of Cynthia Pussinen as the ChiefExecutive Officer and Modestus Obochi as Chief Business Officer. Thegoal is to ensure that Sernova has the expertise to execute itsstrategic vision and drive the company forward by deliveringlife-changing therapies to patients worldwide.
David Swetlow, Chief Financial Officer, is no longerwith the company. Mr. Swetlow’s employment was terminated forcause after the Board received and considered findings made byindependent legal counsel in connection with an ongoing investigationinto alleged misconduct. Another senior officer of the company hasbeen placed on administrative leave pending the final outcome of theinvestigation. None of the allegations, if substantiated, are expectedto materially change or impact the Company's financial statements orits reporting obligations.
The Sernova mission remains unchanged: to improve thelives of patients through groundbreaking innovation and compassionatecare. The board and the senior leadership team are deeply grateful forthe dedication and hard work of the Company’s employees, partners,and stakeholders, and remains steadfast in its commitment tomaintaining the highest standards of integrity, transparency, andaccountability in all aspects of our operations.
ABOUT SERNOVA CORP. AND THE CELLPOUCH SYSTEM PLATFORM FOR CELL THERAPY
Sernova Corp. is a clinical-stage biotechnology companythat is developing therapeutic cell technologies for chronic diseases,including insulin-dependent diabetes, thyroid disease, and blooddisorders that include hemophilia A. Sernova is currently focused ondeveloping a ‘functional cure’ for insulin-dependent diabetes withits lead asset, the Cell Pouch System, a novel implantable andscalable medical device with immune protected therapeutic cells. Onimplantation, The Cell Pouch forms a natural vascularized tissueenvironment in the body for long-term survival and function oftherapeutic cells that release essential factors that are absent ordeficient in the bodies of patients with certain chronic diseases.Sernova’s Cell Pouch System has demonstrated its potential to be a‘functional cure’ for people with T1D in an ongoing Phase 1/2clinical study at the University of Chicago. In May 2022, Sernova andEvotec entered into a global strategic partnership to develop animplantable off-the-shelf iPSC (induced pluripotent stem cells) basedislet replacement therapy. This partnership provides Sernova apotentially unlimited supply of insulin-producing cells to treatmillions of patients with insulin-dependent diabetes (type 1 and type2). Sernova continues to progress two additional development programsthat utilize its Cell Pouch System: a cell therapy for hypothyroiddisease resulting from thyroid gland removal and an ex vivo lentiviralFactor VIII gene therapy for hemophilia A.
FOR FURTHER INFORMATION, PLEASECONTACT:
Christopher Barnes
VP, Investor Relations
Sernova Corp.
christopher.barnes@sernova.com
Tel: 519-902-7923
FORWARD-LOOKING INFORMATION
This release contains statements that, to the extentthey are not recitations of historical facts, may constitute“forward-looking statements” that involve various risks,uncertainties, and assumptions, including, without limitation,statements regarding the prospects, plans, and objectives of thecompany. Wherever possible, but not always, words such as"expects", "plans", "anticipates","believes", "intends", "estimates","projects", "potential for" and similarexpressions, or that events or conditions "will","would", "may", "could" or"should" occur are used to identify forward-lookingstatements. These statements reflect management’s beliefs withrespect to future events and are based on information currentlyavailable to management on the date such statements were made. Manyfactors could cause Sernova’s actual results, performances orachievements to not be as anticipated, estimated or intended or todiffer materially from those expressed or implied by theforward-looking statements contained in this news release. Suchfactors could include, but are not limited to, the company’s abilityto secure additional financing and licensing arrangements onreasonable terms, or at all; ability to conduct all requiredpreclinical and clinical studies for the company’s Cell Pouch Systemand or related technologies, including the timing and results of thosetrials; ability to obtain all necessary regulatory approvals, or on atimely basis; ability to in-license additional complementarytechnologies; ability to execute its business strategy andsuccessfully compete in the market; and the inherent risks associatedwith the development of biotechnology combination products generally.Many of the factors are beyond our control, including those caused by,related to, or impacted by the novel coronavirus pandemic. Investorsshould consult the company’s quarterly and annual filings availableon www.sedarplus.ca for additionalinformation on risks and uncertainties relating to the forward-lookingstatements. Sernova expressly disclaims any intention or obligation toupdate or revise any forward-looking statements, whether as a resultof new information, future events or otherwise.
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